Riverbend Marine Service Auction

Friday, October 21, 2016

Port of Oakland Sets Revenue Record

By Mark Edward Nero

The Port of Oakland said Oct. 18 that its operating revenue for the fiscal year ending June 31 was $338 million, making it a record year for the port. The amount was up 0.4 percent from the previous record of $336.6 million, set in FY 2015.

The port’s operating revenue held steady in FY 2016 despite the departure of a bankrupt tenant. On Feb. 1, Outer Harbor Terminal LLC, formerly known as Ports America, filed for bankruptcy, just two weeks after it announced that it would wind down operations at the port’s Outer Harbor terminal.

The company, which had run of five marine terminals at the port, was about six years into a 50-year lease with Oakland.

There was a 6.2 percent decline in maritime revenue resulting from the departure of Outer Harbor Terminal, LLC, according to the port, but that was offset by a 6.7 percent increase in operating revenue for the port’s aviation division, which runs Oakland International Airport. There was an eight percent jump in passenger traffic at Oakland International Airport during the fiscal year, according to port data.

The port’s FY 2016 revenue by business line includes maritime revenue of $148.8 million, down 6.2 percent from FY 2015; aviation revenue of $173.1 million, up 6.7 percent from FY 2015; commercial real estate revenue of $16.2 million, up 2.7 percent from FY 2015.